The Ontario Northland Pensioners Association (ONPA) has appealed to the Financial Services Commission of Ontario (FSCO) to help them open up the lines of communication between the ONPA and their pension plan administrator, ONTC.
In the complaint, the ONPA also maintains the retirees should have been given a seat on the Pension Board, which is functioning like the Advisory Committee, described in the Pension Benefit Act. (PBA)
“FSCO is responsible for administrating the Pensions Benefit Act and ensuring Plan Administrators act in accordance with the law. We feel ONTC has not been in compliance with that law.” said Phil Koning, ONPA Chairperson in a news release.
The ONPA has been trying to get a meeting with ONTC Chairperson, Ted Hargreaves, for over 2 years without success, or even an acknowledgement of their request.
Attempts by BayToday to contact Hargreaves for comment were unsuccessful.
The action has so far resulted in the release of the most recent plan financial documents, but the ONPA is seeking more information about the governance of the fund.
Both the ONTC Act and the Pension Benefits Act have sections that cover the composition of a board or advisory committee and the legislation needs to be reviewed carefully to ensure the rights of retired members are being upheld.
The previous Commission had a sub-committee responsible for pension plan governance, but with the current Commission down to only two people, the ONPA is unsure of who is looking after the long-term interests of their members.
“We feel ONTC pensioners should have input to the governance of their plan and be assured that good governance is protecting the long term security of that plan.” concluded Koning.
In response Rebecca McGlynn, Manager of Communications and Marketing issued this statement; "The ONTC Pension Board is made up of management and union representatives. The ONPA remains invited to present their recommendations to this board, as they have in the past. The ONTC is in compliance with the Pensions Benefit Act and provides regular updates and filings to the Financial Securities Commission of Ontario. Regular correspondence between Ontario Northland and the ONPA continues and ONTC Pension Board looks forward to a continued collaborative working relationship with pensioners."
